My gf placed an order this morning to buy some stock. 20 mins later when she tried to sell it the CIBC app broke down and she ended up losing money to the trade. She couldn't put a stop-loss order or sell order and the customer service took a long time to answer. by the time someone gets to her, the stock has down more than 10% so she went from 10% profit to -10% loss. She couldn't place any sell order by mobile app nor the CIBC website. I think the bank should be responsible for the loss because when they realize there's a problem with their platform. They should stop traders buy into stocks to prevent traders get into situations like this. Is anyone having the same problem this morning caused by the software update of the CIBC platform? What traders should do in this kind of situation?
I do not want to sound like a smart-ass but CIBC is a bank, not known for its trading software or brokerage services generally. Lesson; go find a reputable broker with a decent trading platform. i.e. I use TDAmeritrade with ToS (ThinkorSwim) - an award-winning trading platform.
This. Sorry to hear what happened but all the Cdn big bank platforms are garbage with CIBC in particular being among the worst. At best they can be used to true "buy and hold".
I personally don't trade with the banks cause they're more expensive and worse service due to the majority of the people are ignorant and are too lazy to look for better alternatives. When you don't have to work very hard to get customers. You tend to put down less resource to improve your quality of service. I find that could be answered with little brain power and very simple logic. I hope this would be a good lesson for her(she doesn't listen to me most of the times ). yet the question remains, will the bank pay for the loss it caused to the clients???
I’d like to update the story. So CIBC agreed to pay for the loss caused when the first time she tried to sell the stock which was $0.3 profit per share but refuse to pay for the loss caused by her holding the stock til the next day due to the mobile app’s inability to sell any shares. That’s $0.6 per share. IMO, there’s only one thing left to do now. Tell everyone this story and withdraw all the money from her CIBC account.